FX.co ★ Elon Musk backs Dogecoin upgrade saying just one word

Dogecoin has again caught the headlines. Such popularity was caused by both Elon Musk’s words and actions of the coin creators. The meme-based Dogecoin attracted attention thanks to important changes in its blockchain.

An anonymous Dogecoin supporter provided information about a new reform in the coin’s blockchain via Twitter. The user said that "[the update] helps secure the network and lower the transaction fees", but "more nodes need to upgrade." "Once a higher percentage of new nodes are running, a new update will be released," the user added. Such a mysterious tweet attracted the attention of the Tesla CEO. Elon Musk commented on a major Dogecoin upgrade, calling it "important."

In fact, Elon Musk has repeatedly posted tweets about Dogecoin, thus affecting the asset price. Notably, in 2021, he has become the main backer of the meme coin, drawing the ire of the Bitcoin community. Later, during a live discussion with Twitter's Jack Dorsey and major Tesla and Bitcoin investor Cathie Wood, Elon Musk elaborated on the ideas he had put forward earlier to use Dogecoin and Ethereum to "max transaction rates and lower transaction costs."

"There may be some merit in combining something like Ethereum and Dogecoin," Musk said, unveiling that he owns some Ethereum tokens in addition to his Bitcoin and Dogecoin.